Imperfectly Competitive Equilibria in International Commodity Markets

Charles D. Kolstad · Anthony E. Burris

61 citations0/0 files storedAmerican Journal of Agricultural Economics

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Economics of Agriculture and Food Markets Agricultural economics and policies Global trade and economics

Abstract

Abstract The simple model of perfect competition in spatial markets has been widely applied in analyzing international agricultural trade. Yet, many markets do not appear to be perfectly competitive. In this paper we offer a new and efficient method for computing spatial equilibrium in oligopolistic or oligopsonistic markets. We apply the technique to an analysis of several hypotheses of market conduct in the international wheat market that have been put forward by other authors. We conclude that a Cournot‐Nash duopsony model does not perform well in explaining trade.

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1971Spatial and temporal price and allocation models 1978Gains to Producers from the Cartelization of Exhaustible Resources 1982A mathematical programming approach for determining oligopolistic market equilibrium 1983The merchants of grain 1966A Duopoly Model of World Wheat Pricing 1983Endogenous Price Policies and International Wheat Prices 1978Oligopoly Pricing in the World Wheat Market 1979Import Tariffs and Price Formation in the World Wheat Market

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